Self Assessment and Prolific Earnings

tsar76

I've realised that I have gone over £1000 this tax year in Prolific so am wise to declare them. I am already setup for self assessment as I rent out a flat. 

Where do I enter my prolific earnings, so I say I am self employed so I can use the £1000 Trading Allowance or is there a difference section to enter my earnings in. Its very unclear and confusing (as is the rest of the self assessment form!)

Thanks

eskbanker

tsar76 said:

I've realised that I have gone over £1000 this tax year in Prolific

Maybe some readers will know what that means but for those of us who don't, could you clarify please?

Nomunnofun1

eskbanker said:

tsar76 said:

I've realised that I have gone over £1000 this tax year in Prolific

Maybe some readers will know what that means but for those of us who don't, could you clarify please?

Surveys, I believe.

elsien

Yes, it’s a survey site that pays in cash as opposed to the usual vouchers, et cetera.

tsar76

Sorry, yes its Surverys and you get money you can cash out to paypal. They are reporting to HMRC so no way of anyone getting around not declaring your earnings. You have to give your NI number now otherwise you wont be able to take part.

JGB1955

I declared them under 'Self Employment'.  I claimed the £1000 trading allowance so ended up paying £9 in tax on the excess.

Mum161111

For me:  On Form SA100 2024:  Page 1 (1) Description of buisness entered "Survey work."   Page  1, (9) Enter gross Prolific Earnngs for Tax year 2023 to 2024.  Page 2, (21)  Net profit  or loss, enter gross amount of Prolific Earnings for the tax year 2023-2024.  Page 2 (28) enter, for example, amount on (21) less £1000 so in (28) enter net amount - so £1000 less than entered in (21)

Mum161111

I heard just part of a clip on television this morning about being allowed to earn up to £3000 without having to complete a Self Assessment Tax Return.   I understood that tax was still payable on income over £1000 but not via self assessment.  

If anyone saw this (BBC1 before 9 a.m.) did it say if the £3000 income was including both survey income and savings interest combined?  

I apologize if I am being a bit inarticulate , not sure how to explain what I mean, but I did not hear the full clip.

I tried to reply "Thanks very much eskbanker.  I have just watched it on BBC iPlayer. at 4 p.m.  Sounds as if nothing is going to change in time for the next Self Assessment but likely to be simpler and easier in future if the proposed change becomes effective."  Trying to reply with a quote keeps telling me it's 9 characters too short - even when posting whenre the little bar blinks. 

elsien

Seems to refer to this, which looked like a proposal rather than being implemented at the moment.

https://www.thisismoney.co.uk/money/tax/article-14489601/HMRC-makes-major-change-hustle-tax-adopt-US-style-snoop-scheme-tackle-tax-evasion.html

Nomunnofun1

Mum161111 said:

I heard just part of a clip on television this morning about being allowed to earn up to £3000 without having to complete a Self Assessment Tax Return.   I understood that tax was still payable on income over £1000 but not via self assessment.  

If anyone saw this (BBC1 before 9 a.m.) did it say if the £3000 income was including both survey income and savings interest combined?  

I apologize if I am being a bit inarticulate , not sure how to explain what I mean, but I did not hear the full clip.

The £3000 is proposed to relate to trading income only. 

eskbanker

Mum161111 said:

I heard just part of a clip on television this morning about being allowed to earn up to £3000 without having to complete a Self Assessment Tax Return.   I understood that tax was still payable on income over £1000 but not via self assessment.  

If anyone saw this (BBC1 before 9 a.m.) did it say if the £3000 income was including both survey income and savings interest combined?  

I apologize if I am being a bit inarticulate , not sure how to explain what I mean, but I did not hear the full clip.

Best bet will be to go back and watch the relevant section of the programme again, it's available on iPlayer (for 24 hours after transmission apparently)....